Jul 3, 2020

5 tried-and-true tools for entrepreneurs dealing with crisis

In times of crisis and uncertainty, entrepreneurs are more likely to look outside of themselves for answers. Desperation makes the idea of a playbook—a quick-fix rule sheet outlining what worked for someone else in the marketplace—even more appealing. But we need to resist the temptation to check our creativity at the door. In this environment of high disruption, when all the rules have suddenly changed, it is more important than ever to ditch the playbook and focus on the toolkit instead.

There are three reasons to toss out the playbook. First, anything that has already been disclosed lacks an essential element of surprise. In sports, a play is successful when it is so novel—so innovative and unexpected—that no one sees it coming. By this logic, following someone else’s playbook inherently lacks ingenuity.

This leads to the second problem with playbooks: They invite copycats and crowd the space with imitator competition.

Read the full story on Fast Company

More from Daniel

Founders should follow these 5 steps to turn ideas into reality

You have an innovative and differentiated product that has withstood your relentless scrutiny and you are ready to go forth and conquer. (In other words, you’ve mastered what I call the “3 Cs of Entrepreneurship,” which you can read about here.)  Now it’s time to talk about how to build your ideas into reality. I approach this process by working through five key steps. It’s critical to give all of them your equal attention and to understand how they influence one another.

read more

Kind Snacks founder explains his ‘3 Cs of Entrepreneurship’ (as seen in Fast Company)

On last season’s Shark Tank, the judges heard pitches from two impressive entrepreneurs who struggled to articulate the key attributes that differentiated their product. They could not explain how their offering stood out from those of their competitors. It struck me that that they may have skipped a critical step along an entrepreneur’s journey: the part where we become our own worst critics.

An entrepreneur’s journey unfolds in three distinct, dependent, and yet entirely separate phases. While it’s important to start by dreaming without restraint, boundless brainstorms need to be followed by ruthless scrutiny. If and only if our idea stands up against comprehensive critique, are we able to go forth as the committed crusader and pursue launching our idea into the world. It’s very important that each phase be embraced fully and that once you move on from one, you move on completely.

read more